In the second quarter of 2024, Astarta Agro Holding sold 141.9 thousand tons of sugar, up 106% year-on-year, and increased sugar sales by 77% to 211.4 thousand tons over two quarters.
According to the company’s announcement on the Warsaw Stock Exchange, the average sugar price in the second quarter decreased by 13% compared to the same period last year and by 10% over six months.
Astarta’s corn sales in the second quarter increased by 109% to 123 thousand tons, up from 58.8 thousand tons a year earlier. In the first half of the year, corn sales increased by 18% to 337.9 thsd tonnes.
At the same time, sales of sunflower seeds decreased by 98% to 705 thsd tonnes, while their selling price increased by 20%. In the first half of the year, sunflower sales decreased by 67% to 20.066 thsd tonnes, while prices were 20% lower than last year.
Sales of soybean oil in the second quarter decreased by 24% to 44.788 thousand tons, while prices also fell by 10%. Sales in the first half of 2024 increased by 21% year-on-year to 27.142 thousand tons, but prices were 15% lower.
In addition, in the second quarter, Astarta reduced sales of soybean flour by 24% to 44,788 thousand tons, while prices were 10% lower than last year. In the first half of 2024, they were 10% lower compared to the same period last year.
The agricultural holding’s sales of milk in the second quarter increased by 4% to 29.42 thousand tons, while the price of the product increased by 20%. Sales in the first half of 2024 increased by 5% to 60,013 thousand tons, prices – by 21%.
In 2023, Astarta, the largest sugar producer in Ukraine, reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
Astarta CEO Viktor Ivanchik’s family currently owns 40.68% of the company. Fairfax Financial Holdings is also a major shareholder with 29.91%, and another 2.12% of shares belong to the company itself and were previously bought back as part of a buyback.
According to the National Bank of Ukraine, as of October 1, 2023, Credit Agricole Bank ranked 11th in terms of total assets (UAH 100.36 billion) among 63 operating banks in the country, with 141 branches. The bank is fully owned by French Credit Agricole SA.
Astarta Agro Holding has started the harvesting campaign, during which it plans to harvest early grain crops from an area of 61 thousand hectares, including winter wheat from 49 thousand hectares, the company’s press service reported on Facebook.
“Today we started threshing rapeseed. The work started in Poltava region. It is an ultra-early date – ahead of the average long-term calendar indicators – but the harvesting dates are predictable. We also plan to start harvesting wheat at the end of this week. Companies in the western region plan to start harvesting no earlier than July 7-9. Currently, we see the biggest challenges in ensuring the continuity of all harvesting stages in the context of simultaneous harvesting of several crops due to constant air raids and power outages,” said Roman Pavlyk, Head of Crop Production at the agricultural holding.
The agroholding’s farmers have also completed harvesting winter peas from an area of 599 hectares. This is a new crop for Astarta with ultra-early harvesting dates.
“Astarta is a vertically integrated agro-industrial holding operating in eight regions of Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220 thousand hectares and dairy farms with 22 thousand cattle, an oil extraction plant in Globyno (Poltava region), seven elevators and a biogas complex.
In 2023, the agricultural holding reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
In the first quarter of 2024, Astarta reduced its net profit by 44.1% year-on-year to EUR9.02 million, while its consolidated revenue increased by 1.4% to EUR165.78 million.
Astarta Agro Holding will pay dividends for 2023 in the amount of EUR0.5 per share for a total of EUR12.5 million, which is in line with the previous year.
As stated in the company’s announcement on the Warsaw Stock Exchange, this decision was made by the shareholders’ meeting on June 4 this year, instructing the board of directors to determine the dates of payment.
As reported, Astarta first paid EUR12.155 million in dividends in June 2021 based on the results of 2020 in the same amount as proposed now – EUR0.5 per share. In the military year of 2022, the company refused to pay them, and then paid them in 2023.
Astarta’s shares are currently quoted at PLN29.25 per share (about EUR6.81 per share), while about a year ago, when the dividend decision was approved, the rate was PLN32.80 per share (about EUR7.28 per share).
In 2023, Astarta, the largest sugar producer in Ukraine, reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
Astarta CEO Viktor Ivanchik’s family currently owns 40.68% of the company. Fairfax Financial Holdings is also a major shareholder with 29.91%, and another 2.12% of shares belong to the company itself and were previously bought back as part of a buyback.
Astarta, Ukraine’s largest sugar producer, intends to start selling sugar and dairy products under its own brand in stores without intermediaries in 2024, the company’s founder and CEO Viktor Ivanchyk told Forbes in an interview.
According to him, the agricultural holding plans to sell thousands of tons of sugar this year, and tens of thousands of tons in the following years. Astarta’s dairy products can already be bought in supermarkets under the brands of its established partners Lustdorf, Danone, Yagotynske, Molokiya, Kaniv, and Galychyna.
In addition, in 2021-2023, Astarta quadrupled its investments to almost UAH 1.7 billion. In 2024, the agricultural holding will invest in the production of soy protein concentrate, warehouse logistics, and electricity generation from biogas.
“Investments in Ukraine are the most profitable right now,” Ivanchyk says.
“Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220,000 hectares and dairy farms with 22,000 cattle, an oil extraction plant in Globyno (Poltava region), seven elevators and a biogas complex.
In 2023, the agricultural holding reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
Astarta Agro Holding plans to pay dividends for 2023 in the amount of EUR0.5 per share for a total of EUR12.5 million, which is in line with the previous year.
As stated in the company’s announcement on the Warsaw Stock Exchange, the relevant draft decision has been included in the agenda of the shareholders’ meeting to be held in Nicosia (Cyprus) on June 4 this year.
Other issues include: adoption of a new remuneration policy; confirmation of PriceWaterhouseCoopers as auditor for 2023; and instructing the board of directors to elect an auditor for 2024.
As reported, Astarta first paid EUR12.155 million in dividends in June 2021 based on the results of 2020 in the same amount as proposed now – EUR0.5 per share. In the military year of 2022, the company refused to pay them, and then paid them in 2023.
In 2023, Astarta, the largest sugar producer in Ukraine, reduced its net profit by 5.0% to EUR61.9 million, and its EBITDA decreased by 6.1% to EUR145.77 million, while revenue increased by 21.3% to EUR618.93 million.
Astarta CEO Viktor Ivanchik’s family currently owns about 40.66% of the company. Fairfax Financial Holdings is also a major shareholder with 29.91%, and another 2.62% of shares belong to the company itself and were previously bought back as part of a buyback.
Astarta’s shares are currently quoted at PLN26.6 per share (about EUR6.23 per share), while about a year ago, when the dividend decision was approved, the rate was PLN32.80 per share (about EUR7.28 per share).
In 2023, Astarta agricultural holding increased the number of cattle at its three dairy farms by 10% year-on-year to 26 thousand heads, of which 47% were dairy herds, the company said in its annual report on Wednesday evening.
According to the document, cattle milk yields increased by 9% compared to the same period last year and reached 25.8 kg/day. This, together with a 3% increase in the number of cows in the herd compared to last year, led to a 12% increase in milk production compared to the same period last year and amounted to 115 thousand tons.
In addition, in 2023, the agricultural holding increased sales of raw milk by 13% year-on-year to 111 thousand tons, of which 96% was of high quality (94% a year earlier).
Astarta sold all of its milk domestically. The agricultural holding supplies top quality raw milk to Ukraine’s leading large dairy processors, including Lustdorf, Yagotynsky Butter Plant and others.
The average selling price of raw milk increased by 10% year-on-year to UAH 14 thousand. In euros, the selling price decreased by 4% year-on-year to 352 EUR/t in 2023 amid inflation and exchange rate changes.
According to the report, Astarta operates 33 dairy farms in three regions of Ukraine and specializes in the production of raw milk for further sale to processing companies.
The agricultural holding has a calf breeding complex to meet its own needs, which was opened in 2012 and produces about 5,000 heads of highly productive calves annually.
As reported, in 2023, Astarta reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million. Last year, the agricultural holding’s revenue increased by 21.3% to EUR 618.93 million, gross profit by 7.8% to EUR 223.59 million, while operating profit decreased by 12.2% to EUR 95.78 million.
